Elon Musk has terminated his $44 billion offer to buy Twitter, alleging that 'Twitter is in material breach of multiple provisions' of the agreement. ElonMusk
Musk Ending Deal With Twitter Citing ‘Material Breach of Multiple Provisions’to Twitter Inc. Friday regarding Musk’s offer to buy the social media platform. The letter, filed with the U.S. Securities and Exchange Commission , states:
The lawyer explained that Twitter has not complied with its contractual obligations to provide necessary data to Musk. The letter acknowledges that Twitter has provided some information. However, “that information has come with strings attached, use limitations or other artificial formatting features, which has rendered some of the information minimally useful to Mr. Musk and his advisors,” it notes.Twitter of the material breach and warned that Musk could terminate the deal. “Any cure period afforded to Twitter under the merger agreement has now lapsed,” the lawyer noted.
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